Guide To Buying Property In Italy:

When buying a property in Italy you must appoint a property lawyer to protect your interests and if you are not fluent in Italian it might be an idea to employ the services of a translator.

There are no restrictions to foreigners owning property in Italy for EU nationals. If you are a non EU national then you should seek advice from your embassy in the country to ensure that you are up to date with all the required criteria. Buying a property in Italy is very straight forward and reasonably quick most of the time.

Once you have found a property that you wish to purchase you need to make an offer in writing. You should also be prepared to pay an initial deposit showing your seriousness with regards to buying the property. Often this is between €200 and €1,000. However at this point it is worth pointing out that the seller can still market the property. It is therefore good practice to put in the written offer the time scale for accepting your offer. Once the offer has been accepted the seller will repay the deposit and another equivalent amount to you should he/she subsequently pull out of the transaction. Obviously if you as the buyer pull out then you too will lose your deposit.

So, once the offer has been accepted a compromesso (contract) is drawn up. This document will detail the price offered and accepted, boundaries, amount to be paid as a deposit, completion date and information such as rights of way, passage, utility access and other relevant clauses. Upon signing the compromesso a deposit of between 10% and 20% is usually payable.

The seller will have appointed a Notary who will act for both parties and ensure that due diligence is carried out. Transaction times are usually between 6 and 8 weeks. So what is payable in a housing transaction in Italy?

1. A deposit may be requested in the form of showing seriousness about the purchase.

2. A deposit of between 10% and 20% of the agreed purchase price.

3. Legal fees, normally between 1% and 2% of the purchase price.

4. Surveyor fees - note that it is up to the buyer to ensure the property is safe and legal. Buyer beware.

5. Stamp Duty - this is payable on all properties and is equal to 1% of the agreed purchase price.

6. Mortgage fees - as agreed with the bank or mortgage provider.

7. VAT - this is payable at a rate of 10% and is charged to all non residents.

8. Transfer fees = 3% on the first €85,430, 5% on €85,431 and €170,860 and 8% on €170,861 and over.

Be sure to appoint your lawyer as early as possible and ensure that the appointed person is totally independent from the estate agent, seller or developer.

IMPORTANT NOTICEProperty particulars are intended only as general guidance. The Company therefore gives notice that none of the material issued or visual depictions of any kind made on behalf of the Company can be relied upon as accurately describing any of the Specified Matters prescribed by any Order made under the Property Misdescriptions Act 1991. Nor do they constitute a contract, part of a contract or a warranty.Copyright Bonner Search Ltd 2018.Universalhomes.co.uk is owned and operated by Bonner Search Ltd registered in England and Wales No, 03717940.Registered office: 2 Home Park Road, Yateley, Hampshire GU46 6HN.